As with many things in life, setting a goal for saving can help motivate and keep you on track. This goal, however, must be measurable and achievable. Otherwise, you’re just setting yourself up for failure. But setting goals takes some training to make sure that you’ve got what it takes to stick to your own plans.

To begin, your goal must be a result of a real need and you’re willing to make some inconvenient compromises. In addition, you need to be determined to keep your plans through tough times. In short, don’t give up as soon as you hit the first bump on the road.

How about you begin by achieving your first monthly goal this June? If you’re ready to take the challenge, make sure you take the next few days to prepare the following.

Make a list

Find and write down the main suspect or overspending as well as items that can be scaled back. Although you’re trying to save as much as you can, it is better to have this list as limited and specific. That will help you focus your efforts and figure out ways to scale back quickly. Some common examples can include petrol cost (especially if your commute is long), dining out and utilities. But people may have their own individual items that can also be candidate for scrutiny. These could be anything that you do or buy regularly, from snacks to club membership, movie-theatre visits or publication subscriptions. Just take a look at your expenses and pin down what you can do without altogether, and what has room to cut back.

Act now

Once you’ve your items highlighted, take action. For example, if you decide to slash your petrol in half, find a coworker or a neighbour who shares a similar commute and start car-pooling. If that person is as excited as you about the potential savings, that can keep both of you motivated. In addition, don’t overlook small expenses as insignificant. For example, if you find that packing yourself lunch can save you a few dirhams a day, you may be inclined to strike it out. But always think of how much those small amount can add up in a month or a year. Wouldn’t you rather do something else with that money?

Estimate your savings

In the initial exercise, you may be able to estimate the amounts you can save on each item or category. If you can come up with a realistic number like, for example Dh500, have a plan for spending that money. Pick up something that you want and you’d be happy if it was gifted to you. Although you won’t always spend your savings on personal splurges, do it this first time for the sake of this exercise and to keep yourself motivated. In the future, your savings can go into a fund for a bigger item or long-term goal that still keeps you motivated through the process. Most important, if you think that you can save Dh500 within a month by cutting down on the items you’ve highlighted, make sure that you’re on track — hitting DH250 by mid-month.

Recalibrate

What if your efforts to cut back don’t work out or you fall short of your goal. Start over and give it another try. It does take conscious effort and a few attempts. But what you need to do is to look to the causes that your efforts didn’t pay off. Was it your lack of commitment or because your goal was unrealistic. Many people are already living on tight budgets and cutting back may be a luxury that they can’t afford. That is not to say you shouldn’t try, but be fair to yourself about your spending.

Rania Oteify, a former Gulf News Business Features Editor, is a Seattle-based editor.